Arbitrage Plays Message Board

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Strategies & Market Trends : Arbitrage Plays

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To: Allen Furlan who wrote (54)	10/3/1999 6:19:00 PM
From: Odysseus	of 376

Allen, When the deal was announced on 4/22/99, T was trading around $58 and T agreed that if T stock fell no lower than $51.30 it would increase the cash portion to keep the combined stock/cash value at $85. T also agreed to give UMG shareholders the option of choosing all cash of $85 for their shares, BUT set aside a limited amount of cash -- so if too many choose all cash they will end up getting stock and cash. The original news release stated they expected the deal to close by year end, but I'm pretty sure I read somewhere recently that the Q1 of 2000 is now the likely closing date. I haven't heard of a more concrete date than that so far. Here's a copy of the news release: att.com

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